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As part of its monetary policy, RBI has, from time to time, announced changes in the policy rates as warranted to regulate liquidity. During 2006-07, the repo rate was raised on five occasions (June, July, October, 2006 and January and March 2007) by 25 basis points each time to reach a level of 7.75 per cent. The reverse-repo rate was raised from 5.75 per cent to 6.00 per cent in July 2006.
The CRR was raised four times by 25 basis points on each occasion (December 2006, January, February, and March 2007) to reach a level of 6.00 per cent. During 2007-08, the CRR has further been revised upward by 25 basis points each effective April 14, 2007 and April 28, 2007, respectively.
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